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Complete Problem 4-6A on page 291 and Problem 4-7A on page 292 on a piece of paper and then answer the following questions.

In Step 1 of the closing entries what was the total amount posted to the Income Summary account when closing the revenue account(s)?	Answer 1Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
What is the current portion of the Long-Term Notes Payable?	Answer 2Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
What is the opening balance of the Owners' Capital account at January 1, 2020?	Answer 3Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
In Step 3 of the closing entries what was the amount posted to the Capital account to close out the Income Summary account?

Problem 4-6A Closing entries LO2, 3 The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. Account Debit Credit $ 15,300 20,300 6,900 38,500 71.000 $ 34.500 253,000 137,500 82.500 27,500 101 Cash 104 Current Investments 126 Supplies... 149 Notes receivable 167 Equipment 168 Accumulated depreciation, equipment... 173 Building 174 Accumulated depreciation building 183 Land. 193 Franchise 201 Accounts payable 203 Interest payable 233 Unearned professional revenue 251 Long term notes payable. 301 Amar Lloyd, capital 302 Amar Lloyd, withdrawals 401 Professional revenue 406 Rent revenue 606 Depreciation expense, building 612 Depreciation expense, equipment 623 Wages expense 633 Interest expense 637 Insurance expense 652 Supplies expense 688 Telephone expense. 690 Utilities expense. Totals 16,300 120 26,300 125,000 85,640 2.300 199,480 22,500 19.300 7.300 63,300 540 17.300 12.100 3.700 6.500 $647.340 $647.340 An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $68,000 cash carly in 2020, Required Prepare the closing entries made at the end of the year. CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Problem 4-7A Financial statements L06 CHECK FIGURES: Profit = $91,940: Total assets = $343,000 Using the adjusted trial balance in Problem 4-6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2020, and the classified balance sheet at December 31, 2020. Analysis Component: Why must liabilities be separated on the balance sheet between current and non- current? What effect would it have had on Lloyd's balance sheet if the long-term note were not separated

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